The U.S. Securities and Exchange Commission (SEC) gave D-Wave, a leader in quantum computing systems, software, and services, the green light on its next step to become a publicly traded company, according to a company statement.
According to the statement, D-Wave Systems Inc. and DPCM Capital, Inc. (NYSE: XPOA), announced that the registration statement on the Form S-4 filed by what will be the parent company of D-Wave and DPCM Capital, has been declared effective by the SEC.
The declaration of effectiveness of the registration statement by the SEC, and the related filing and mailing of the definitive proxy statement by DPCM Capital, is an important step in D-Wave becoming a publicly-traded company listed on the New York Stock Exchange under the new ticker symbols “QBTS” and “QBTS.WS” shortly after the closing of the Business Combination.
According to The Quantum Insider’s intelligence platform, the Canadian-based D-Wave creates both quantum annealers and gate-based quantum computers. It also offers cloud-based access through a product called, LEAP. D-Wave is largely considered the pioneer in quantum computing and one of the industry’s first companies to build a commercial quantum computing.
In a previous story on The Quantum Insider, D-Wave detailed its path toward becoming a publicly traded company in a process often referred to as a merger with a special purpose acquisition company, or SPAC. Earlier, TQI reported D-Wave’s pro-forma implied market capitalization of the combined company would be estimated to be around $1.6 billion USD. The transaction, itself, would result in up to $340 million USD in gross proceeds, including a $40 million USD PIPE.
As for next steps, DPCM Capital will hold a special meeting of stockholders onAugust 2, 2022, to approve, among other things, the Business Combination with D-Wave.
DPCM Capital stockholders of record at the close of business on June 10, 2022, will be entitled to receive notice of, and to vote at, the special meeting. Closing is anticipated for shortly after the meeting, subject to the satisfaction or waiver, as applicable, of all other closing conditions.
Those who have questions about voting or need assistance voting, please contact DPCM Capital’s proxy solicitor Morrow Sodali LLC, by calling (800) 662-5200 or (203) 658-9400 or by emailing [email protected].